The Bahamian liquidators for an alleged multi-million dollar international fraud have been blasted by a British Virgin Islands (BVI) judge over a “remarkable” and “gratuitous” agreement with a BISX-listed broker/dealer.
The Eastern Caribbean Supreme Court ruling, delivered on March 20,2013, found that the ‘assignment’ by Alliance Investment Management of its investments in four hedge funds to PricewaterhouseCoopers (Bahamas) accountants, Kevin Seymour and Kevin Cambridge, and their fellow US receiver, Brick Kane, did not make them creditors of the funds.
The judgment, which has been obtained by Tribune Business, said the BC Capital Group liquidators could not become creditors of the BVI-domiciled funds, through the Alliance Investment Management assignment, because they did not have that status when the funds were placed into liquidation on October 11, 2012.
Mr Kane had been attempting to remove the BVI funds’ liquidators on the grounds that they had been appointed by BC Capital Group’s former principal, Nikolai Battoo.
